Inventory is an important thing for the company because most of the company's assets are embedded in inventory. With inventory, the company can maintain its survival. The problems that are often experienced in inventory accounting are recording and valuation

The Last in First out Method (LIFO) is presently under severe scrutiny from the financial community, which may soon culminate in its repeal as an acceptable accounting method. There are pressures from the International Financial Accounting Standards Board to standardize accounting standards...